How to redirect console output of Virtualbox VM to host?

After I started using Ubuntu VM in VirtualBox, I needed my ubuntu VM's console output to be redirected so that I can see panic output that spans multiple screens. The way to achieve such redirection is by creating a serial interface in the VM & then enabling redirection in boot options of the VM. 

Let me provide the steps I used to achieve this redirection:

• I opened VirtualBox, selected my VM, clicked "Settings".
• Next, selected my VM & clicked on "Settings" in VirtualBox top menu.
• Next, clicked on "Ports" tab:

                         

• Next, checked "Enable Serial Port" & provided file path & name to which redirection should happen:

                          

• Next, started the VM & edited boot options during linux booting to add "console=ttyS0 console=tty0 ignore_loglevel"
• Then, in the host, tail-ed /tmp/file. As the console output of virtualbox VM is configured to be redirected to serial console (which is in turn a host file), this file contains the console messages redirected to serial console in virtualbox VM.

Reference:
https://www.virtualbox.org/wiki/Serial_redirect